VLOG: Coronavirus (COVID-19): The Coronavirus Job Retention Scheme

Last week the Chancellor announced the Coronavirus Job Retention Schemejust one of the measures being put into place by Government as part of a business support package to cope with the global COVID-19 pandemic. 

The scheme applies to employees who have been asked to stop working but who are being kept on the pay rollotherwise described as ‘furloughed workers’ and will reimburse 80% of their wagesup to £2500 per month in order to protect them from being made redundant. This means that businesses don’t need to lose their valuable workersand their employees are protected at such an uncertain time.

Employers with a PAYE scheme will be able to access support to continue paying part of their employees’ salary for those that would otherwise have been laid off during this crisis and the scheme will cover the cost of wages backdated to 1 Marchinitially open for 3 monthsbut will be extended if necessary.

 Further details will come direct from HMRC shortly but in the meantimerelevant information and resources can be found on our Coronavirus page.

Head to the OxLEP Coronavirus page